Case Study: Park West Does More Deals in Sacramento
Park West Properties is a rapidly growing rehab and ground-up developer operating from the Sacramento Central Valley to Lake Tahoe. They manage between 3 to 10 projects at any given time, using a combination of in-house crews and subcontractors. The traditional method of conducting progress checks involved significant travel time, often consuming a morning or a full day to visit each site. Additionally, tracking spending against multiple budgets and across different bank accounts was a complex and costly process, requiring up to 400 hours per month from multiple third-party bookkeepers to reconcile and organize all financial data.
Challenge
Park West Properties faced several operational inefficiencies:
- Significant time and travel costs associated with progress checks.
- High costs and time requirements for bookkeeping and financial reconciliation.
- Difficulty in managing and organizing project documents, plans, and receipts.
Solution
To address these challenges, Park West Properties turned to Sitewire's digital platform. The platform provided the following capabilities:
- Remote site monitoring and progress checks through shared videos and photos from job sites.
- Real-time bill and worker payment processing.
- Centralized collection and organization of all project documents, plans, and receipts.
- Integration with Park West's primary lender to enable instant loan draws and ensure consistent cash flow.
The crew at each job site could easily share progress updates and tie their reimbursement and payment requests to specific project budget items and spending accounts. Management was able to review progress remotely and authorize immediate bank-to-bank payments.
Results
Implementing Sitewire's digital platform yielded significant benefits for Park West Properties:
- Savings of $15,000 per month in third-party bookkeeping costs.
- Elimination of 1,000 miles of monthly drive time and associated fuel costs.
- Streamlined project accounting and documentation processes, freeing up time for the team to focus on building and expanding the business.
- Enhanced capacity to take on more projects and deals, contributing to business growth.
Testimonial
"Sitewire is a godsend. I got into this business to build, but the business end of our operation ended up running me. Now we're able to focus on the day-to-day work of building and expand our income potential."
- Doug Ingersoll, Park West Properties
Conclusion
Sitewire's digital platform transformed Park West Properties' operations by reducing costs, saving time, and improving project management efficiency. These changes enabled the company to focus on its core business of building and expanding its project portfolio, demonstrating the significant impact of adopting digital solutions in the construction and development industry.
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